S&P 500 Sell Off Toward The Trendline Has Commenced! by scaredycatguide

$6.90

S&P 500 Sell Off Toward The Trendline Has Commenced!

In my post a couple days back we took a broad view of the S&P 500 and I mentioned how we could use the 10 year trend as a target.   With today's sell-off that target is feeling feasible already.

## Stocks Slammed To Start the Week

The market got wrecked to open the week and it's looking like we may have a double top at 2,815.

The 200 day moving average put up no fight at all as the index sold right through it today with no hesitation.

**So where is the next stop?**

That is where the trendline I mentioned comes into play.  We bounced off it a couple weeks ago so probabilities favors the market testing it again.

Depending on how fast that happens (assuming it even does) then we could see 2,650 on the S&P before you know it.

![](https://cdn.steemitimages.com/DQmekmYRJLrsCA2SjH6uUDbYiAtG6drCMyLrX5NiHbDdNqJ/image.png)

Damn shame I missed today's open.  Don't want to chase it now.  However, if we gap higher to open tomorrow I'll likely put on a short.  Otherwise I'm sitting on my hands.
___

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